By James Caldwell, PWTorch columnist

- WWE reported first quarter earnings results this morning, reflecting an increase of $12.3 million in total revenue compared to the first quarter of 2006. Revenues totaled $107.4 million as compared to $95.1 million in the comparable prior year quarter. Net income was $15.1 million compared to $9.5 million in the prior year quarter.

In the press release, WWE CEO Linda McMahon said WrestleMania drew a record number of PPV buys. However, those figures were not included in the first quarter results and will be available next quarter.

As for the first quarter PPV business, it's not encouraging. New Year's Revolution 2007 drew 220,000 buys compared to 294,000 the previous year. Royal Rumble drew 491,000 buys compared to 548,000 the previous year. No Way Out was steady at 218,000 buys compared to 219,000 the previous year.

Overall PPV revenue was $15.8 million compared to $17.1 million the previous year, even with a $5 increase in the price of a WWE PPV. The results show WWE might have out-priced their PPVs with the recent price increase.

The most significant increase was in the Consumer Products division, where quarterly revenue was $37.4 million compared to $28.9 million the previous year quarter. This was helped by a $7.3 million increase in Licensing revenue thanks to significant video game and toy sales during the quarter.

We will have more coverage of the numbers later today, including a look at Linda McMahon's conference call with investors, which will be streamed live on WWE's corporate website at 11:00 a.m. EST.

- First quarter earnings press release

- SEC filing

- CBS Marketwatch summary

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